American Bitcoin expanded its Bitcoin holdings and mining output during the second quarter, although revenue missed forecasts and its stock continued a severe decline. The company increased its reserve by 981 BTC, or 14%, from about 7,021 BTC on March 31 to 8,002 BTC on June 30.
At the same time, outstanding shares rose about 3%. As a result, Bitcoin backing per share climbed from 9,943 satoshis to 10,989 satoshis.
The increase gave shareholders greater Bitcoin exposure per share despite modest dilution. Management identified that measure as the company’s main treasury objective. Chief Executive Mike Ho said American Bitcoin remained focused on increasing Bitcoin per share. He avoided directly committing to Bitcoin sales for equity buybacks.
Could stronger Bitcoin backing per share offset weak earnings and falling market confidence? Eric Trump, the company’s co-founder and chief strategy officer, also repeated his support for Bitcoin. During the earnings discussion, he called the company ‘absolute Bitcoin maximalists.’
Trump also reflected on the company’s rapid expansion. “A little over a year ago, American Bitcoin was just an idea,” he said.
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American Bitcoin mined a record 932 BTC during the quarter. Mining revenue rose 8% to $67 million from $62.1 million in the previous quarter. Still, revenue per Bitcoin mined fell 5% to $71,900 as Bitcoin’s price declined 12%. Mining costs edged higher to $36,500 per Bitcoin from $36,200.
The company maintained a gross margin near 50%. Higher production helped offset weaker Bitcoin prices and slightly higher energy expenses. The company also energized 11,298 next-generation ASIC miners at Hut 8’s Drumheller site. That expansion added 3.05 exahashes per second of capacity.
By quarter-end, American Bitcoin controlled 89,242 miners with 28.1 EH/s of total capacity. It operated 58,999 miners producing 25 EH/s at 14.1 J/TH efficiency.
American Bitcoin reported $67.015 million in quarterly revenue, below analysts’ $73 million estimate. It also recorded a loss of $0.80 per share. The result missed the stated consensus estimate of $0.15 per share by a wide margin. The company continued combining mining output with market Bitcoin purchases.
Meanwhile, the stock fell 7.38% during the latest 24-hour period cited in the text. It had also lost more than 80% during the year. A Bloomberg report estimated that recent market performance erased about $600 million from the company’s value. The shares have fallen 95% since their NASDAQ debut.
American Bitcoin began NASDAQ trading in September 2025. It now holds 8,300 BTC worth about $527 million, making it the 16th-largest corporate Bitcoin holder.
American Bitcoin expanded mining output, increased its reserve, and raised Bitcoin ownership per share during Q2. However, revenue missed forecasts, losses widened, and the stock remained under pressure. Investors now face a sharp contrast between stronger Bitcoin backing and weaker market performance.